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Lake of the Ozarks Real Estate Market Statistics – October 2011

October 20, 2011 by Leave a Comment


Information is power in today’s volatile real estate market. Spotting the trends and keeping up on sale prices and volume keeps you ahead of the market and enables you to make critical decisions regarding your lake property. Whether you’re buying or selling, information is key to making a informed decision.

Below you’ll find links to the current 2011 information, plus comparisons to 2010 and 2009 markets. We have separated the properties into the following sets:

  • Waterfront Residential Market Statistics
  • Residential Market Statistics
  • Condominiums Market Statistics

In each set, there is information regarding

  • Number of Sold Listings
  • Absorption Rates
  • Median Sell Prices
  • Average Days on Market
  • List to Sell Ratio

There’s good news and not so good news, but it is the local market. Check out the following E-Statistics below.

Cheers,
The Schrimpf-Gum Team

Waterfront Residential Market Statistics

Residential Market Statistics

Condominiums Market Statistics

 



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Lake of the Ozarks Real Estate Market Watch

June 22, 2011 by Leave a Comment


In Lake of the Ozarks real estate may closings represent an important barometer. Buyers are looking to get in before the season starts, so they can enjoy the summer playing. May closings represent buyer demand for the coming Lake of the Ozarks summer market.

 

A snapshot of MLS settlements during the month of May 2010 and 2011 we feel the following:

1.         Sales of homes in May of 2010 equal to 115 closings, there were 118 closings in May 2011. Average sale price stayed basically flat.

2.         Condo sales in May of 2010 equal 38 units with an average list price of $179,593 and an average sale price of $172,873. There were 60 sales in May of 2011 with an average list price of $188,686 and average sales price of $178,334. This represents over 63% gain in the number of units sold.

 

It appears that buyers (especially of condos) are finally recognizing the great values that are out there and are taking advantage of both that and the extremely low interest rates. The result is that inventories of both single-family homes and condominiums are continuing to shrink at the same time interest rates have been dropping for to the past 2 months. The basic law of economics is a relationship of supply and demand. At Lake of the Ozarks, today’s demand has been driving up prices slightly and bringing the supply of properties into balance with the demand. The research indicates that for homes and condos at Lake of the Ozarks, to see the bottom of the market you have to look in your rearview mirror.

Real Estate Market Stats

Zillow Home Value Index

Owners vs. Renters

Home Size in Square Feet

Year Built

Local National
Percent Homes Decreasing 0 0
Percent Listing Price Reduction 20.3% 27%
Median List Price Per Sq Ft 0 99
Median List Price $169,900 $195,000
Median Sale Price 0 202,100
Homes For Sale 0 0
Homes Recently Sold 0 332,415
Property Tax 0 2,086
Turnover (Sold Within Last Yr.) 0 0
Median Value Per Sq Ft $127 $111
Homes For Sale By Owner 0 0
New Construction 0 0
Foreclosures 0 0
See 65065 home values at Zillow.com
Check out Missouri mortgage rates on Zillow

 



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How are our Lake of the Ozarks sales for 2011?

May 19, 2011 by Leave a Comment


Buyers are finding great deals on Lakefront Homes

We just figured our sales volume for 2011 and although I knew we had been busy, even I was surprised with the results!

This time last year we had $14,756,550 total volume closed and pending. A good start to the year. For the same time frame this year we have $24,382,800 closed and pending! That is an increase of 60% NEARLY TEN MILLION DOLLARS!!

Now, what does that mean to today’s Buyers and Sellers?
I believe there has been a realization by many Buyers that the current prices are great values. With prices somewhere around what they were in 2002 and 2003. They know; Yes, prices may yet dip, but by knowing the market and working with a knowledgeable agent and making good offers, and getting pre-approved for a loan, they can buy the properties they want at a price that is very attractive. They realize that inflation is the looming 6,000 pound gorilla in the room and every one per cent increase in interest will cost hundreds of dollars every month and thousands or hundreds of thousands more over the life of the loan.

What if you want to sell your Lake of the Ozarks home or condo now?
The good news is that inventories are down across the board. There are fewer homes and condos on the market this year than there were this time last year. So there is less competition. The bad news is that prices, though they seem to have stabilized, are not moving upward.

If you go back to 2000 and look at those prices and then add 3% per year as a basis for where prices should be without the real estate bubble, that is about where we are today. Next year prices will most likely be 2 to 3% higher than they are this year.

Not every seller is willing to accept this reality yet, so if you price your property realistically, it shows well and you hire an experienced and knowledgeable agent, even though 3 out of every 4 properties goes unsold, yours will most likely sell in a reasonable amount of time.

If you would like to know what your specific area or sector is selling for, or what the Absorption Rate (The time it would take to sell the current inventory) is for your home or condo, just contact us at Info@DemandDonna.com or give us a call at 888-366-6266.



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This Week In Real Estate at Lake of the Ozarks

April 20, 2011 by Leave a Comment


The spring selling season is finally upon us. The same time the dogwoods are in bloom and the crappie are biting, Buyers seem to migrate back to the lake. This year, probably due to holding off for the past 2 years, it seems that everyone is at least looking for a deal in real estate at Lake of the Ozarks! The good news is that most of them are finding them.
Last week we had 28 deals pending and under contract, with a volume of nearly $8.5 Million. This week week we have 35 deals pending and a volume over $10 Million!! That is just in one week!
Last week we had closed 35 transactions and delighted 35 Buyers and allowed 35 Sellers to move on to other plans or properties, for a total of $7.45 Million. This week we closed 4 more properties and are up to $7.98 Million.
That means that in one week, we had a net gain of $2,183,800 for a total of $17,997,800.00 in sold and pending transactions. We projected a strong year, but if this rate continues, we are going to have to reevaluate our goals for the year. But that’s not a bad thing! :0)

Condos and Homes Selling at Lake of the Ozarks



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2001 Lake of the Ozarks Real Estate Market

April 6, 2011 by Leave a Comment


A question I get every day is “What is the market like at the lake?”

I have been pretty busy : The Donna Schrimpf-Gum Team had 7 closings this weekend : ) , so I haven’t taken the time to crunch the numbers, but I am taking a break and here they are.

So far this year Prudential Lake of the Ozarks has closed $7,027,500 with 34 transactions. Last year at this time we had closed 19 transactions and $4,517,100 in volume. An increase of 15 transactions and $2,510,400 in sales!!! Our whole team is out there selling homes, condos and commercial properties. They are doing a GREAT job! And this is even with the 2 week shut down because of the late nasty snow storms!

But, you ask, where is the market headed?
Well, we have 24 deals pending and waiting to close, last year at this time we had 23. About the same. But….last years volume of pending was $6,195,250 and this years is $8,115,000. What does that mean? It means that the Buyers are not just picking up the bottom end. There are some higher priced properties starting to move. This is the best positive sign I have seen in the market at the lake for the past 3 years!  Sure, everybody wants a good deal and asks about foreclosures, but out of the 1,155 condos on the market today, how many do you think are foreclosures? Half?   200?   100?   50?   Try only 21 and of those 21, only 12 of those are waterfront! So though there may be a foreclosure mindset when starting their search, it can’t dominate the market.

I will talk about foreclosures more in a future post.

If you have any questions on the market at the lake, or want to see if it is the “right” time for you to buy or sell, please give me a call. 573-216-1051

I look forward to hearing from you!



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